Many top Federal Reserve officials wanted the US central bank to drop language signalling its next move would be to lower borrowing costs at its April meeting, highlighting mounting concerns over the Iran war.
“Many participants indicated that they would have preferred removing the language from the post-meeting statement that suggested an easing bias regarding the likely direction of the [Federal Open Market Committee’s] future interest rate decisions,” minutes from the late-April meeting released on Wednesday said.
The minutes also showed that “a majority of participants” said rate rises would probably become appropriate if inflation were to “continue to run persistently” above the central bank’s 2 per cent goal.
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